The chief executive of PepsiCo Inc, Indra Nooyi, was awarded $14.74 million in compensation in 2007, her first full year as CEO of the world's second-biggest soft drink maker, behind staunch rival and market leader Coke's chief executive Neville Isdell's $21.65 million.Her predecessor, Steven S Reinemund, received a total pay package of $17.5 million in 2006.

Nooyi's 2007 compensation value more than doubled the $6.3 million she was paid in 2006, when she served as chief financial officer for most of that year before taking over the top spot on 1October 2006.

According to the company's annual proxy, Nooyi's package makes her the highest paid executive in the company. Her $14.74 million package comprises $1.3 million in salary, $3.2 million of non-equity incentive plan compensation and $404,071 in various other compensations such as executive perks including flying on the company jet.

She was also granted stock and option awards worth $9.83 million as of the grant date in February 2007.

In Nooyi's first full year in charge, the company's stock price soared to 21.3 per cent. A recent edition of the Fortune magazine featured Nooyi on the cover, with the question, "What makes Pepsi great?"

PepsiCo International CEO Mike White, is the company's second-highest paid executive with a compensation package worth $7.1 million in 2007. White had been Nooyi's rival for the CEO job.

By contrast, rival Coca-Cola Co awarded its chief executive $21.65 million in compensation in 2007, a 3.6 percent increase from the prior year.

Coke shares rose 27 per cent in 2007, outdoing the 21 per cent increase in shares of PepsiCo.